AeroVironment (Nasdaq: AVAV) has agreed to acquire Germany-based ground robotics vehicle developer Telerob for approximately $45.4M in cash as part of efforts to expand its global footprint and portfolio of multidomain unmanned platforms.
The transaction includes payment of Telerob’s debt valued at approximately $9.4M upon the deal’s closing and up to $7.3M in additional payment to the German firm’s shareholder over three years based on specific milestones achieved, AeroVironment said Tuesday.
AeroVironment expects to close the acquisition by the spring of 2021, subject to regulatory approval in Germany, and will run Telerob as a wholly owned subsidiary.
Telerob, established in 1994, develops and offers ruggedized unmanned ground robotics platforms to defense, homeland security and emergency response clients for use in chemical, biological, radiological and nuclear threat assessment, hazardous materials handling and explosive ordinance disposal missions. The company also operates an office in Erie, Pennsylvania.
Wahid Nawabi, president and CEO of AeroVironment, said the transaction will allow the company to offer an integrated portfolio of multidomain robotic platforms in response to customer requirements and evolving threat environments.
Nawabi added that Telerob’s ground robotic systems complement AeroVironment’s tactical unmanned aircraft systems and tactical missile platforms to address a wider set of missions for clients.
AeroVironment said it partnered with Telerob to submit a proposal for the U.S. Air Force’s EOD robotic system initiative.
BNP Paribas Securities and King & Spalding served as AeroVironment’s advisers in the transaction.